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18 September 2012
Practical VAT issues for cash traders are considered by NEIL WARREN
KEY POINTS
- The four VAT retail schemes.
- Using a retail scheme means that liability may change.
- A comparison of two apportionment schemes.
- Can a business be split into component parts?
- HMRC’s power of “best judgment”.
VAT tribunal cases tend to be a bit like buses – you get none on a particular subject for many months possibly years and then they all come along at once crowded in a huddle like a group of teenage girls desperately trying to get a glimpse of their favourite boy band pop star.
VAT cases involving cash traders have seen a “bus” epidemic in recent months so I will share with you some interesting ones that highlight practical VAT issues and I will also consider other planning tips for retailers.
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